Acorda Provides Financial and Pipeline Update for Fourth Quarter and
Year End 2017

AMPYRA 4Q 2017 Net Sales of $167 million; Full Year 2017 Net Sales of
$543 million

2017 year-end cash and cash equivalents of $307 million

Prosecution of AMPYRA appeal continues

February 15, 2018 06:00 AM Eastern Standard Time

ARDSLEY, N.Y.--(BUSINESS WIRE)--Acorda Therapeutics, Inc. (Nasdaq:ACOR)
provided a financial and pipeline update for the fourth quarter and full
year ended December 31, 2017.

“We continue to prepare for the potential approval and launch of
INBRIJA, our investigational inhaled levodopa treatment for symptoms of
OFF periods in people with Parkinson’s disease. We look forward to
working with the FDA during the NDA review process, and to bringing this
new treatment option to the Parkinson’s community to help address an
important unmet need,” said Ron Cohen, M.D., Acorda's President and CEO.
“Based on our continued market research, as well as the strength of our
Phase 3 data, we believe INBRIJA’s US market opportunity to be greater
than $800 million.”

Fourth Quarter 2017 Financial Results

AMPYRA® (dalfampridine) Extended Release Tablets, 10 mg - For
the quarter ended December 31, 2017, the Company reported AMPYRA net
revenue of $167.2 million compared to $132.3 million for the same
quarter in 2016.

Royalty Revenue - For the quarter ended December 31, 2017, the Company
reported royalty revenue of $16.1 million as compared to $4.4 million
for the same quarter in 2016. The Company reported FAMPYRA royalties
from sales outside of the U.S. of $3.1 million compared to $2.7 million
for the same quarter in 2016. Additionally, the Company completed a
transaction that provides a fully paid-up, royalty-free license for
Selincro in exchange for $13.0 million which was recorded as royalty
revenue in the quarter ended December 31, 2017. During the quarter ended
December 31, 2017, the Company completed a royalty purchase transaction
for its Fampyra royalty revenue in exchange for an upfront payment of
$40 million. The transaction was recorded as a liability in accordance
with US GAAP which will be reduced over time as royalty revenue is
recognized.

Research and development (R&D) expenses for the quarter ended December
31, 2017 were $35.1 million, including $2.2 million of share-based
compensation compared to $53.8 million, including $3.0 million of
share-based compensation for the same quarter in 2016.

Sales, general and administrative (SG&A) expenses for the quarter ended
December 31, 2017 were $39.5 million, including $5.4 million of
share-based compensation compared to $59.0 million, including $6.0
million of share-based compensation for the same quarter in 2016.

The Company recorded non-cash asset impairment charges of $233.5 million
for tozadenant as a result of the termination of this program, and $23.8
million for SYN120 as a result of the trial not meeting key primary and
secondary endpoints. The Company assessed the valuation assumptions for
both programs and determined the assets were fully impaired. Both of
these charges were recorded in the quarter ended December 31, 2017.

Benefit from income taxes for the quarter ended December 31, 2017 was
$51.9 million, including $2.7 million of cash taxes, compared to a
provision for income taxes of $1.0 million, including $0.7 million of
cash taxes for the same quarter in 2016.

The Company reported a GAAP net loss attributable to Acorda of $(171.1)
million for the quarter ended December 31, 2017, or $(3.70) per diluted
share. GAAP net loss in the same quarter of 2016 was $(3.1) million, or
$(0.07) per diluted share.

Non-GAAP net income for the quarter ended December 31, 2017 was $28.5
million, or $0.61 per diluted share. Non-GAAP net income in the same
quarter of 2016 was $2.5 million, or $0.05 per diluted share. This
quarterly non-GAAP net income measure, more fully described below under
“Non-GAAP Financial Measures,” excludes share-based compensation
charges, non-cash interest charges on our debt, restructuring expenses,
changes in the fair value of acquired contingent consideration, asset
impairment charges, gain on sale of assets and acquisition-related
expenses. A reconciliation of the GAAP financial results to non-GAAP
financial results is included with the attached financial statements.

Financial Results - Full Year Ended December 31, 2017

AMPYRA® (dalfampridine) Extended Release Tablets, 10 mg - For
the full year ended December 31, 2017 net revenue was $543.3 million
compared to $492.8 million for full year 2016. Full year 2017 net
revenue increased 10.2% over 2016.

Royalty Revenue - For the full year ended December 31, 2017, the Company
reported royalty revenue of $29.5 million compared to $17.2 million for
the full year 2016. The Company reported FAMPYRA royalties from sales
outside of the U.S. of $11.6 million compared to $10.6 million for the
full year 2016. Royalty revenue related to the authorized generic
version of Zanaflex was $2.6 million compared to $3.9 million for the
full year 2016. Additionally, the Company reported $15.3 million in
royalties for Selincro for the full year 2017, which includes $13.0
million of royalty revenue related to the Selincro royalty transaction.

Research and development (R&D) expenses for the full year ended
December 31, 2017 were $166.1 million, including $9.7 million of
share-based compensation, compared to $203.4 million, including
$10.6 million of share-based compensation for the full year 2016

Sales, general and administrative (SG&A) expenses for the full year
ended December 31, 2017 were $181.6 million, including $23.1 million of
share-based compensation, compared to $235.4 million, including
$25.8 million of share-based compensation for the full year 2016.

Asset impairment charges for the full year ended December 31, 2017
include $233.5 million for tozadenant, $23.8 million for SYN120, and
$39.4 million for Selincro.

Benefit from income taxes for the full year ended December 31, 2017 was
$28.5 million, including $14.1 million of cash taxes compared to a
benefit from income taxes of $6.7 million, including $4.3 million of
cash taxes for the full year 2016.

For the full year ended December 31, 2017, the Company reported a GAAP
net loss of $(223.4) million, or $(4.86) per diluted share. GAAP net
loss for the full year 2016 was $(34.6) million, or $(0.76) per diluted
share.

Non-GAAP net income for the full year ended December 31, 2017 was
$80.7 million, or $1.75 per diluted share. Non-GAAP net income for the
full year ended December 31, 2016 was $11.5 million, or $0.25 per
diluted share. This full year non-GAAP net income measure, more fully
described below under “Non-GAAP Financial Measures,” excludes
share-based compensation charges, non-cash interest charges on our debt,
restructuring expenses, changes in the fair value of acquired contingent
consideration, asset impairment charges, gain on sale of assets,
realized foreign currency loss (gain) and acquisition related expenses.
A reconciliation of the GAAP financial results to non-GAAP financial
results is included with the attached financial statements.

At December 31, 2017, the Company had cash and cash equivalents of
$307.1 million.

2018 Financial Guidance

AMPYRA net revenue is expected to be $330-$350 million. The Company
expects to maintain exclusivity of AMPYRA at least through July 30,
2018; this guidance is subject to change based on the appellate
court’s decision.

R&D expenses for the full year 2018 are expected to be $100-$110
million and include manufacturing expenses associated with INBRIJA.
This guidance is a non-GAAP projection that excludes share-based
compensation as more fully described below under “Non-GAAP Financial
Measures.”

SG&A expenses for the full year 2018 are expected to be $170-$180
million. This guidance is a non-GAAP projection that excludes
share-based compensation as more fully described below under “Non-GAAP
Financial Measures.”

Year-end cash balance for 2018 is projected to be over $300 million

Fourth Quarter 2017 Pipeline and Corporate
Updates

INBRIJA (levodopa inhalation powder) Next Steps

The Company resubmitted the NDA for INBRIJA in December 2017. The FDA
is expected to inform the Company if the submission has been deemed
complete and permits a full review in February 2018.

The Company expects to file a Marketing Authorization Application
(MAA) with the European Medicines Agency (EMA) in Q1 2018.

AMPYRA (dalfampridine) Patent Appeal

In November, 2017, the Company and the defendants filed reply briefs
for the appeal to the U.S. Court of Appeals for the Federal Circuit of
the District Court’s decision in the AMPYRA patent litigation. The
date for oral argument is expected in the first half of 2018.

Both BIO and PhRMA filed amicus briefs in support of the Company’s
appeal, raising important issues in conjunction with biopharmaceutical
innovation.

In November, 2017, the Company announced royalty monetization
transactions of $53 million for FAMPYRA® and SELINCRO®.

The Company also announced the sale of ZANAFLEX and ZANAFLEX® CAPSULES
for $4 million.

SYN120 Phase 2 Data in Parkinson’s disease

Data from the Phase 2 proof-of-concept study for SYN120 showed that
several of the outcome measures trended in favor of drug versus
placebo; neither the primary nor key secondary endpoints achieved
statistical significance.

The Company continues to review the data, which will be presented at
an upcoming medical meeting.

Tozadenant Program Discontinued

In November, 2017, the Company discontinued its clinical development
program for tozadenant, an investigational treatment for Parkinson’s
disease. The Company made this decision based on the emergence of
serious adverse events in its Phase 3 program.

Webcast and Conference Call

The Company will host a conference call today at 8:30 a.m. ET. To
participate, dial (866) 393-4306 (domestic) or (734) 385-2616
(international); access code 8789908. The presentation will be available
on the Investors section of www.acorda.com.

A replay of the call will be available from 11:30 a.m. ET on February
15, 2018 until 11:59 p.m. ET on March 15, 2018. To access the replay,
dial (855) 859-2056 (domestic) or (404) 537-3406 (international);
reference code 8789908. The archived webcast will be available in the
Investor Relations section of the Acorda website.

Non-GAAP Financial Measures

This press release includes financial results prepared in accordance
with accounting principles generally accepted in the United States
(GAAP), and also certain historical and forward-looking non-GAAP
financial measures. In particular, Acorda has provided non-GAAP net
income, adjusted to exclude the items below, and has provided 2018
guidance for R&D and SG&A expenses on a non-GAAP basis. Non-GAAP
financial measures are not an alternative for financial measures
prepared in accordance with GAAP. However, the Company believes the
presentation of non-GAAP net income, when viewed in conjunction with our
GAAP results, provides investors with a more meaningful understanding of
our ongoing and projected operating performance because this measure
excludes (i) non-cash compensation charges and benefits that are
substantially dependent on changes in the market price of our common
stock, (ii) non-cash interest charges related to the accounting for our
outstanding convertible debt which are in excess of the actual interest
expense owing on such convertible debt as well as non-cash interest
related to the Fampyra monetization, non-cash interest charges related
to our asset based loan which was terminated in 2017 and acquired Biotie
debt, (iii) changes in the fair value of acquired contingent
consideration which do not correlate to our actual cash payment
obligations in the relevant periods, (iv) acquisition related expenses
and related foreign currency losses and gains that pertain to a
non-recurring event, (v) corporate restructuring expenses that pertain
to a non-recurring event, (vi) asset impairments which are non-cash
charges that relate to program terminations that are not routine to the
operation of the business, and (vii) gain on sale of assets that
pertains to a non-recurring event. The Company believes its non-GAAP net
income measure helps indicate underlying trends in the Company's
business and is important in comparing current results with prior period
results and understanding projected operating performance. Also,
management uses this non-GAAP financial measure to establish budgets and
operational goals, and to manage the Company's business and to evaluate
its performance.

In addition to non-GAAP net income, we have provided 2018 guidance for
R&D and SG&A expenses on a non-GAAP basis. Due to the forward looking
nature of this information, the amount of compensation charges and
benefits needed to reconcile these measures to the most directly
comparable GAAP financial measures is dependent on future changes in the
market price of our common stock and is not available at this time. The
Company believes that these non-GAAP measures, when viewed in
conjunction with our GAAP results, provide investors with a more
meaningful understanding of our ongoing and projected R&D and SG&A
expenses. Also, management uses these non-GAAP financial measures to
establish budgets and operational goals, and to manage the Company's
business and to evaluate its performance..

About Acorda Therapeutics

Founded in 1995, Acorda Therapeutics is a biopharmaceutical company
focused on developing therapies that restore function and improve the
lives of people with neurological disorders. Acorda has a pipeline of
novel neurological therapies addressing a range of disorders, including
Parkinson’s disease and multiple sclerosis. Acorda markets two
FDA-approved therapies, including AMPYRA® (dalfampridine) Extended
Release Tablets, 10 mg.

Forward-Looking Statement

This press release includes forward-looking statements. All statements,
other than statements of historical facts, regarding management's
expectations, beliefs, goals, plans or prospects should be considered
forward-looking. These statements are subject to risks and uncertainties
that could cause actual results to differ materially, including: the
ability to realize the benefits anticipated from acquisitions, among
other reasons because acquired development programs are generally
subject to all the risks inherent in the drug development process and
our knowledge of the risks specifically relevant to acquired programs
generally improves over time; we may need to raise additional funds to
finance our operations and may not be able to do so on acceptable terms;
our ability to successfully market and sell Ampyra (dalfampridine)
Extended Release Tablets, 10 mg in the U.S., which will likely be
materially adversely affected by the March 2017 court decision in our
litigation against filers of Abbreviated New Drug Applications to market
generic versions of Ampyra in the U.S.; the risk of unfavorable results
from future studies of Inbrija (levodopa inhalation powder) or from our
other research and development programs, or any other acquired or
in-licensed programs; we may not be able to complete development of,
obtain regulatory approval for, or successfully market Inbrija or any
other products under development; third party payers (including
governmental agencies) may not reimburse for the use of Ampyra, Inbrija
or our other products at acceptable rates or at all and may impose
restrictive prior authorization requirements that limit or block
prescriptions; the occurrence of adverse safety events with our
products; the outcome (by judgment or settlement) and costs of legal,
administrative or regulatory proceedings, investigations or inspections,
including, without limitation, collective, representative or class
action litigation; competition; failure to protect our intellectual
property, to defend against the intellectual property claims of others
or to obtain third party intellectual property licenses needed for the
commercialization of our products; and failure to comply with regulatory
requirements could result in adverse action by regulatory agencies.

These and other risks are described in greater detail in our filings
with the Securities and Exchange Commission. We may not actually achieve
the goals or plans described in our forward-looking statements, and
investors should not place undue reliance on these statements.
Forward-looking statements made in this press release are made only as
of the date hereof, and we disclaim any intent or obligation to update
any forward-looking statements as a result of developments occurring
after the date of this press release.